Green marketing is a new territory which is still being explored. Marketers thus face a lack of standards and benchmarks by which to validate their successes when they employ greenmarketing. As such, it is advisable that they test the efficacy of their green marketing efforts witha small audience first before ramping them up. Meanwhile, they should be ready for thefollowing challenges:
A lack of awareness among customers about green products and their benefits
ack of customer willingness to go out of the way to buy a green product
nwillingness to pay a premium for a green product
Difficulty in winning customer trust as to the greenness of the organization
Huge investments in R&D for product innovationOrganizations are increasingly realizing that it is not enough to offer functional benefits alone totheir customers. The opportunities and competitive advantages offered by environmentallyfriendly green products are becoming increasingly important for product sustainability.
orporate social responsibility
orporate social responsibility (
SR, also called corporate conscience, corporate citizenship,social performance, or sustainable responsible business)
is a form of corporate self-regulationintegrated into a business model.
SR policy functions as a built-in, self-regulating mechanismwhereby business monitors and ensures its active compliance with the spirit of the law, ethicalstandards, and international norms. The goal of
SR is to embrace responsibility for thecompany's actions and encourage a positive impact through its activities on the environment,consumers, employees, communities, stakeholders and all other members of the public sphere.Furthermore,
SR-focused businesses would proactively promote the public interest byencouraging community growth and development, and voluntarily eliminating practices thatharm the public sphere, regardless of legality.
SR is the deliberate inclusion of public interestinto corporate decision-making, that is the core business of the company or firm, and thehonouring of a triple bottom line: people, planet, profit.
The Adoption Process
The Adoption Process (also known as the Diffusion of Innovation) is more than forty years old.It was first described by Bourne (1959), so it has stood the test of time and remained animportant marketing tool ever since. It describes the behaviour of consumers as they purchasenew products and services. The individual categories of innovator, early adoptor, early majority,late majority and laggards are described below.